Oil Will Be Over $50 A Barrel By July 4th (Video)

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Includes: BNO, DBO, DNO, DTO, DWTI, OIL, OLEM, OLO, SCO, SZO, UCO, USL, USO, UWTI
by: EconMatters

A strong API Report reporting an over 4 million barrel drawdown in oil inventories and a report out of Kuwait saying that an output freeze deal by major oil producers will proceed without Iran will be bullish for the oil market. We expect the short covering to begin now and for the next eight days before the Doha Meeting.